diff --git a/bindings/python/notmuch/version.py b/bindings/python/notmuch/version.py
index 5b6b5da7..8e62314e 100644
--- a/bindings/python/notmuch/version.py
+++ b/bindings/python/notmuch/version.py
@@ -1,3 +1,3 @@
 # this file should be kept in sync with ../../../version
-__VERSION__ = '0.38~rc1'
+__VERSION__ = '0.38~rc2'
 SOVERSION = '5'
diff --git a/version.txt b/version.txt
index 158d0032..2139400c 100644
--- a/version.txt
+++ b/version.txt
@@ -1 +1 @@
-0.38~rc1
+0.38~rc2